Canadian Man Sentenced to 97 months in Federal Prison for Investment Scheme
Fort Worth
   
 
More Today's News:
ߦ   Heroes Down: Gilchrist Deputies Noel Ramirez & Taylor Lindsey Assassinated
ߦ   Former First Lady Barbara Bush's funeral arrangements
ߦ   3 Billings cops disciplined for having sex on city property
ߦ   Child Sex Tourism
ߦ   Dickinson Public Library To Host Teen Job Fair
ߦ   Fallen SAPD officer gives the gift of life to 4 strangers
ߦ   Grandma arrested after killing husband and another woman
ߦ   Homicide on Healey Drive
ߦ   Investigation into Fatal Crash at 2100 State Highway 6 South
ߦ   Man charged with solicitation of capital murder for allegedly trying to hire hitman to kill four
ߦ   Round Rock Man Faces Federal Counterfeiting Charges
ߦ   Texas City Valero Hit By Explosion, Fire
ߦ   Baby killer Genene Jones back in San Antonio court
ߦ   Burnet County Sheriffs Office - Inmate/Arrests Summary
ߦ   Canine Distemper Closes Animal Shelter
ߦ   Charges filed in shooting of deputy constables
ߦ   Constables arrest suspect for Failure to Stop and Render Aid
ߦ   Dickinson PD Will 'Play It Cool' This Summer
ߦ   DWI gets driver $1k fine 10 days in county jail
ߦ   Former FBI Special Agent Pleads Guilty to Leaking Classified National Defense Information
ߦ   Investigation into Fatal Crash at 3000 North Sam Houston Parkway East
ߦ   Local Businessman Sentenced for Credit Card Fraud and ID Theft
ߦ   Major Takedown Dismantles Multi-State Heroin and Fentanyl Network
ߦ   Paris Police Dept - Daily Arrests/Activity Summary
ߦ   Reward Offered for Most Wanted Fugitive, Gang Member from Austin
ߦ   Suspect arrested for Intoxication Assault after crash leaves victim seriously injured
ߦ   UPDATE: Suspect Arrested, Charged in Fatal Crash at 11401 South Post Oak
ߦ   Update: Unified Command responds to gas pipeline fire near Port O'Connor
ߦ   17 Huntsville prisoners on hunger strike after lockdown following feces-throwing, other infractions
ߦ   Brownsville man convicted of stabbing 85-year-old woman with screwdriver gets execution date
ߦ   Constable deputy wounded in shootout in Atascocita
ߦ   David Buckel, prominent gay rights lawyer, burns himself to death in New York to protest global warming
ߦ   Deputy Constable Wounded In Shooting
ߦ   Deputy cries as he describes San Antonio children tied up like dogs
ߦ   Joining Forces to Fight Child Abuse

   Next >>
 
Search Archives:

Victims of the scheme in the United States and Canada suffered a total loss of approximately $2 Million

FORT WORTH — Ryan Steve Magee, a citizen of Canada, was sentenced this morning by Senior U.S. District Judge Terry R. Means to 97 months in federal prison and ordered to pay $2,372,573 in restitution, following his guilty plea in February 2017 to one count of wire fraud, announced U.S. Attorney John Parker of the Northern District of Texas.

Magee, 34, was indicted in July 2016 on five counts of wire fraud.  Magee was arrested in December 2016, and has remained in custody since his arrest. 

            According to plea documents filed in his case, Magee was a business man and an active day trader in the U.S. stock market.  Beginning in 2011, and continuing until the end of 2013, Magee devised and operated a scheme to obtain money by means of false and fraudulent material pretense and representations.  Magee solicited and obtained money from victim investors by making false representations about how their money would be invested, how much of their money would be invested, how much their investment was earning, how much money they had in their account, and by making other false statements.

 

            Specifically, J.C. and D.C. decided to invest some of their savings with him.  At Magee’s direction, D.C. wired $35,000 to Magee’s account on August 12, 2011.  After Magee received the money from D.C., he immediately diverted $25,000 for his own personal expenditures.  Magee then deposited the remaining $10,000 into his day-trading account located at Interactive Brokers (IB).  Magee sent weekly emails to J.C. and D.C. entitled “Trading Update,” which falsely showed the beginning account principal of $35,000 and the daily gains, even though Magee had diverted $25,000 of the investors’ money to his own personal use. 

 

            In November 2011, J.C. and D.C. cashed in J.C.’s 401(k) and wired $240,000 to Magee’s account.  After Magee received the $240,000, he immediately diverted approximately $160,000 to his personal accounts, transferring only $80,000 into his IB trading account.  Magee again sent weekly “Trading Update” emails claiming to have deposited the entire $240,000 in the IB account.  Though he lost approximately $75,000 by the end of the month and his trades for November 2011, were a negative 70 percent, Magee listed 200 percent gains in the weekly “Trading Update” emails he sent to J.C. and D.C, between November 16 2011, and November 30, 2011.

 

            On April 10, 2013, in the final “Trading Updates” email Magee sent to J.C. and D.C., Magee claimed their account balance was over $1.3 million.  However, Magee’s IB account statement for the time period ending March 31, 2013, showed that Magee’s IB account had a negative cash balance of $9,578.  J.C. and D.C. suffered a total loss of approximately $275,000.  Between May 2010 and September 2013, other victims of the fraudulent scheme in the United States and Canada suffered a total loss of approximately $2,097,573.

 

The Federal Bureau of Investigation investigated the case.  Assistant U.S. Attorney Nancy Larson prosecuted.



Comments:
Thanks for sharing this. I did not see it on the local news.
Posted by Mary at 6/14/2017 9:24:29 AM

Post a comment
Name/Nickname:
(required)
Email Address: (must be a valid address)
(will not be published or shared)
Comments: (plain text only)
Printer Friendly Format  Printer Friendly Format    Send to a Friend  Send to a Friend    RSS Feed  RSS Feed
  Facebook   Share link on Twitter Tweet  
© 1999-2018 The Police News. All rights reserved.